Debt (Tables)

9 Months Ended

Sep. 30, 2026

The following table sets forth the debt balances and activity as of, and for the nine months ended, September 30, 2026:


(in millions)	December 31, 2025		Proceeds from Issuances and Borrowings		Redemptions, Repayments, and Repurchases (1)		Reclassifications (1)		Other (2)		September 30, 2026
Short-term debt	$	5,135	$	—	$	(4,962)	$	6,167	$	3	$	6,343
Long-term debt	79,649		6,891		(2,715)		(6,167)		(335)		77,323
Total debt to third parties	84,784		6,891		(7,677)		—		(332)		83,666

Long-term debt to affiliates	1,498		—		(1,498)		—		—		—
Total debt	$	86,282	$	6,891	$	(9,175)	$	—	$	(332)	$	83,666

(1)Note redemptions, repurchases and reclassifications are recorded net of accrued or paid issuance costs and discounts.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

During the nine months ended September 30, 2026, we issued and borrowed the following debt:


(in millions)	Principal Issuances		Discounts and Issuance Costs		Net Proceeds from Issuance of Debt		Issue Date
5.000% Senior Notes due 2036	$	1,150	$	(8)	$	1,142	January 12, 2026
5.850% Senior Notes due 2056	850		(8)		842		January 12, 2026
3.200% Senior Notes due 2032 (EUR-denominated)	881		(5)		876		February 19, 2026
3.625% Senior Notes due 2035 (EUR-denominated)	881		(5)		876		February 19, 2026
3.900% Senior Notes due 2038 (EUR-denominated)	1,175		(12)		1,163		February 19, 2026
Total of Senior Notes issued	4,937		(38)		4,899
4.250% Class A Senior ABS Notes due 2030	500		(2)		498		March 20, 2026
4.740% Class A Senior ABS Notes due 2031	500		(2)		498		August 14, 2026
Total of ABS Notes issued	1,000		(4)		996


4.557% MRFA due 2027	1,000		(4)		996		February 5, 2026
Total borrowings	1,000		(4)		996
Total issuances and borrowings	$	6,937	$	(46)	$	6,891

Schedule of Repayments

During the nine months ended September 30, 2026, we made the following redemptions, repayments and repurchases:


(in millions)	Principal Amount		Write-off of Premium, Discount, Fees and Repurchase Gains / Losses (1)		Redemption, Repayment or Repurchase Date	Redemption or Repurchase Price
4.750% Senior Notes due 2028	$	1,500	$	3	February 1, 2026	100		%
4.750% Senior Notes to affiliates due 2028	1,500		2		February 1, 2026	100		%
1.500% Senior Notes due 2026	1,000		—		February 15, 2026	N/A
2.250% Senior Notes due 2026	1,800		—		February 15, 2026	N/A
5.050% Class A Senior ABS Notes due 2029	500		—		March 20, 2026	100		%
2.625% Senior Notes due 2026	1,200		—		April 15, 2026	N/A
Total redemptions	7,500		5

ECA Facility due March 2036	87		—		Various	N/A
5.152% Series 2018-1 A-2 Notes due 2028	275		—		Various	N/A
ECA Facility due November 2036	44		—		Various	N/A
Total repayments	406		—

Open market repurchases of our various Senior Notes (2)	1,259		(26)		Various	$	1,249
Total repurchases	1,259		(26)
Total redemptions, repayments and repurchases	$	9,165	$	(21)

(1)Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.

(2)Gains and losses associated with open market repurchases are included within Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Payments associated with principal repurchases are included in Repayments of long-term debt, and repurchase premiums and fees to extinguish debt are included in Other, net within Net cash used in financing activities on our Condensed Consolidated Statements of Cash Flows.

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of September 30, 2026, were as follows:


(in millions)	Expected Maturities
2026	$	136
2027	1,008
2028	985
2029	371
Total	$	2,500

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:


(in millions)	September 30, 2026		December 31, 2025

Other current liabilities	$	298	$	306

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:


(in millions)	September 30, 2026		December 31, 2025

Assets
Equipment installment plan receivables, net	$	2,203	$	1,865
Equipment installment plan receivables due after one year, net	784		543
Other current assets	310		232
Liabilities
Accounts payable and accrued liabilities	$	3	$	3
Short-term debt	861		594
Long-term debt	1,632		1,401

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details